The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $93,133 Accounts Payable $241,881 Accounts Receivable 12,597 Wages Payable 1,430 Inventory 159,232 Notes Payable 32,148 Prepaid Rent 6,380 Paid-In Capital 252,368 Equipment 318,315 Retained Earnings 61,830 Total Assets $589,657 Total Equities $589,657 The following summary transactions occurred during 2021: . paid $80,822 to suppliers for merchandise previously purchased on account . paid $22,080 for advertising . sold merchandise for $438,346 on account and $280,254 for cash; the merchandise cost $388,044 . paid $5,279 for land and equipment . received $240,436 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? QA: $196,394 OB: $261,205 OC: $347,402 OD: $462,045 OE: $614,520 OF: $817,311 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 20217 OA: $194,637 0B: $227,725 OC: $266,439 OD: $311,733 OE: $364,728 OF: $426,732 Submit Answer Tries 0/99